FASB Discusses Proposal on Crypto Assets

At its September 6, 2023, meeting, the FASB discussed feedback on its proposed Accounting Standards Update (ASU) Accounting for and Disclosure of Crypto Assets. Specific topics addressed at the meeting included the proposed ASU’s scope, transition, and effective date as well as its requirements related to measurement, presentation, and disclosures. In addition, the Board concluded that the proposal’s expected benefits would outweigh its costs.

The Board has directed its staff to draft a final ASU on this topic for a vote by written ballot. For more information, see the tentative Board decisions on the FASB’s Web site.